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president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors st hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled 158 points, the nasdaq lost 25, and the s&p fell over 15 points. here's darren gersh with more on the critical work that has to get done in washington this weekend. >> reporter: the president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans h
president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors st hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled...
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Dec 28, 2012
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but it's a total derelicts of duty and candidly, a lack of courage to deal with these issues. >> reporter: what's at stake for ordinary americans? with income and payroll tax cuts set to expire monday, taxes would go up for most everyone next week. $110 billion in spending cuts will kick in. and 2 million jobless americans will lose their unemployment benefits. like karen duckett of maryland who hasn't been able to find work since being laid off as a housekeeping manager at a retirement community last year. her unemployment benefits set to end tomorrow. >> this has been the toughest year, probably, in my entire life. >> reporter: duckett, a breast cancer survivor, worries how she'll care for her 14-year-old grandson and has a message for lawmakers. >> remember, these are people. it's not just numbers on a piece of paper. we are actually human beings, suffering out here. >> reporter: and over on capitol hill tonight, nbc's kelly o'donnell reports that the political balance in this, natalie, is critical to get a deal done, to get a deal passed before the deadline, saying that an agreement b
but it's a total derelicts of duty and candidly, a lack of courage to deal with these issues. >> reporter: what's at stake for ordinary americans? with income and payroll tax cuts set to expire monday, taxes would go up for most everyone next week. $110 billion in spending cuts will kick in. and 2 million jobless americans will lose their unemployment benefits. like karen duckett of maryland who hasn't been able to find work since being laid off as a housekeeping manager at a retirement...
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mcconnell is a master deal maker. 2010 he fashioned a deal with obama after the mid-term election that extended tax cut two years and brought us where we are today. he is so good if you gave him a weekend and he were in charge he would sol tv syrian civil war. he and read will come up with the package. raising the limit to pay higher taxes. it has to be kept simple. boehner will have two choices. if he refuses to allow a vote and president was hard on him in the statement he made a half hour ago, he will be the scapegoat. option that he will exercise if he thought the deal was awful. he will likely have open vote so caucus don't have to vote one way or another. you will get 180 diems and you only need 25 or so republica republicans. then after january 1 you get around the cliff and he has a stronger position. debt ceiling is approaching. >> do you think republicans would vote against tax cut for 98% of americans? they are only going to get 20 republicans voting in >> the reason the republicans oppose it all the way along there is no commensurate spending. nothing on entitlement. it's o
mcconnell is a master deal maker. 2010 he fashioned a deal with obama after the mid-term election that extended tax cut two years and brought us where we are today. he is so good if you gave him a weekend and he were in charge he would sol tv syrian civil war. he and read will come up with the package. raising the limit to pay higher taxes. it has to be kept simple. boehner will have two choices. if he refuses to allow a vote and president was hard on him in the statement he made a half hour...
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Dec 28, 2012
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. >>> a final meeting between president obama and congressional leaders to hammer out a last-minute deal towards the so called -- to avoid the so-called fiscal cliff has finished. john boehner was at the white house today, trying to reach an agreement to avoid hundreds of billions of dollars of tax increases and spending cuts. no statement is expected anytime soon. we go live now to washington to war correspondent, ben. >> all of the participants at this meeting left without a word. i don't think we will hear from them the rest of the day. there is a great deal at stake and very little time left. it has been reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps head
. >>> a final meeting between president obama and congressional leaders to hammer out a last-minute deal towards the so called -- to avoid the so-called fiscal cliff has finished. john boehner was at the white house today, trying to reach an agreement to avoid hundreds of billions of dollars of tax increases and spending cuts. no statement is expected anytime soon. we go live now to washington to war correspondent, ben. >> all of the participants at this meeting left without a...
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Dec 28, 2012
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CNBC
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at the same time, when you ask the question, maybe it's better -- it's a bad deal worse than no deal? president obama keeps talking about half a trillion in cuts, over ten years, we're doing that every five months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are doing right now. very thinly traded at this hour on a friday evening it would be interesting to see and what they signal in terms of where we stand, now that we've heard from the president and some sort of modest optimism from both leader reid and minority leader mitch mcconnell. >> tyler, we want to go back to eamon javers. >> you just said when will we hear now from the president again? nbc news is tweeting that barack obama will appear as a guest on "meet the press" this weekend. when we will hear from the president again will be sunday morning. something to watch out for over the weekend. presumably,
at the same time, when you ask the question, maybe it's better -- it's a bad deal worse than no deal? president obama keeps talking about half a trillion in cuts, over ten years, we're doing that every five months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are...
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Dec 28, 2012
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in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday. it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an hour after the meeting began several participants were seen leaving. >> and back at the capital the senate's democratic majority leader harry reid and republican mi
in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday....
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Dec 28, 2012
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in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday. it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an hour after the meeting began, several participants were seen leaving. >> and back at the capital the senate's democratic majority leader harry reid and republican m
in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday....
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Dec 28, 2012
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breaking news, president obama urges congress to make a deal to overt the fiscal cliff. he announces no deal, but progress may be in sight. >> and that would be the wrong thing to do for our e con mu. it would be bad for middle class families and bad for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> it comes after speaker boehner left the white house. he didn't say anything to reporters and neither did anyone else who was seen leaving the meeting. here's what we do know. in just four days, taxes will go up on millions. and millions more will have their vital unemployment benefits run out. that's why president obama organized the meeting with vice president biden, speaker boehner, nancy pelosi and senators
breaking news, president obama urges congress to make a deal to overt the fiscal cliff. he announces no deal, but progress may be in sight. >> and that would be the wrong thing to do for our e con mu. it would be bad for middle class families and bad for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house about how to prevent this tax hike on the middle...
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Dec 28, 2012
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modestly optimistic, that is, that a deal can be done. here is the president. >> i still want to get this done. it's the right thing to do for our families and our businesses and for our entire economy. but for immediate action comedy hour is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american paycheck will get considerably smaller. that would be the wrong thing to do. gerri: no kidding. we have been telling you that for weeks. democrats and republicans alike should rename their parties the procrastination party. that is because like a lot of college freshman, they left their work until the last minute. including the 800 billion-dollar fiscal cliff that we have been talking about. a hundred billion dollars it hasn't happened yet. it's not like the deadline comes as a surprise to anybody at all, the least of all congress. they were the ones who extended the bush tax cuts. originally passed back in 20,122,010 and 2012. for two years now, they have known t
modestly optimistic, that is, that a deal can be done. here is the president. >> i still want to get this done. it's the right thing to do for our families and our businesses and for our entire economy. but for immediate action comedy hour is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american paycheck will get considerably smaller. that would be the wrong thing to do. gerri: no kidding. we have been...
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Dec 28, 2012
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gary nurenberg joins me with the latest as we actually just heard from president obama. >> after a long meeting the president came out to say he is still optimistic that a deal can be done reminding the country that we are only now three days away from the point where everyone's taxes go up and huge spending cuts kick in, saying that would be wrong for the economy and wrong for the country. the president said he is urging the senate leaders, reid and mcconnell to come back to him with a plan by sunday. he says if they're unable to do that, then he is demanding that his backup proposal from last week allowing tax rates to rise for those making $250,000 and extending unemployment we was for 2 million jobless americans whose benefits will run out on january 1st, he wants that proposal to go to the house and the senate, the senate first, and demands an up or down vote. >> if you can get a majority in the house and a majority in the senate, then we should be able to pass a bill. so the american people are watching what we do here. obviously their patience is already thin. this is deja vu all
gary nurenberg joins me with the latest as we actually just heard from president obama. >> after a long meeting the president came out to say he is still optimistic that a deal can be done reminding the country that we are only now three days away from the point where everyone's taxes go up and huge spending cuts kick in, saying that would be wrong for the economy and wrong for the country. the president said he is urging the senate leaders, reid and mcconnell to come back to him with a...
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present obama just spoke about this. rebecca cooper is in our newsroom with what we are hearing about the meeting. >> the president quoted yogi bear saying it is deja vu all over again with congress' continuing its bickering. now he is saying they should at least a vote on extending tax cuts for middle-class americans and extending unemployment benefits before january 1, because. >> the hour for immediate action is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american paycheck will considerably smaller. that would be the wrong thing to do. >> after meeting with the president and treasury secretary, congressional leaders headed back to the capital without a deal. nancy pelosi insists some progress was made. disgorge by reports the would not be a deal todaythe dow closed down. the president did not make any new offers. congress should least extend tax cuts for everyone making $250,000 or less, and extend long-term unemployment benefits. de
present obama just spoke about this. rebecca cooper is in our newsroom with what we are hearing about the meeting. >> the president quoted yogi bear saying it is deja vu all over again with congress' continuing its bickering. now he is saying they should at least a vote on extending tax cuts for middle-class americans and extending unemployment benefits before january 1, because. >> the hour for immediate action is here. it is now. we are now at the point where in just four days,...
WHUT (Howard University Television)
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Dec 28, 2012
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your sense of whether president obama and your fellow democrats in the senate and house will stay the course on this or will eventually compromise in a way that many progressives would regret? >> first of all, we have a divided government. president obama's election said one message, the election of republican house of representatives since another. the actually, working at odds here. you have republicans who will not raise taxes for anyone making more than $250,000 a year, and looking at entitlement cuts. yet democrats that say you have any taxes for those who make under $250,000 and no cuts to the low-you had democrats as a you have no taxes for those -- no tax cuts for those making under $250,000. we're going the wrong direction. why have we been talking about stimulating the economy through jobs? we seem to accept a certain amount of unemployment as being necessary for the proper functioning of the economy, so that for corporations and will keep wages low. that is baloney. we are creating our own economic vice that is entrapping tens of millions of americans. i find it unacceptabl
your sense of whether president obama and your fellow democrats in the senate and house will stay the course on this or will eventually compromise in a way that many progressives would regret? >> first of all, we have a divided government. president obama's election said one message, the election of republican house of representatives since another. the actually, working at odds here. you have republicans who will not raise taxes for anyone making more than $250,000 a year, and looking at...
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the other important story tonight, president obama met with the four congressional leaders this afternoon just a few minutes away. steve handlesman has more. >> after the meeting, he called the president was optimistic and insistent, optimistic there can be a deal that will keep most americans' taxes from going up. here's the president gist now in the white house briefing room. >> i just had a good and constructive discussion here at the white house with start and house leadership about how to prevent this tax hike on the middle class. i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor a basic package for an up-or-down vote. one that protects the middle class from an income class hike. one that extends it to 2 million americans looking for a job and lays the groundwork for more economic growth and debt reduction. >> that leads to the insis
the other important story tonight, president obama met with the four congressional leaders this afternoon just a few minutes away. steve handlesman has more. >> after the meeting, he called the president was optimistic and insistent, optimistic there can be a deal that will keep most americans' taxes from going up. here's the president gist now in the white house briefing room. >> i just had a good and constructive discussion here at the white house with start and house leadership...
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Dec 28, 2012
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any last-minute deal will likely have to wait until the senate returns. >> reporter: president obama summoned congressional leaders to the white house today hoping for a deal to avoid the fiscal cliff. the power brokers have four days before the government starts slashing military and domestic spending. president obama is pushing for a stop gap measure that with avoid faxes on people earning less than $25,000. on capitol hill frustration is growing. both republicans and democrats sound look they have given up. outside the capitol democrats hauled out a times square ball prop with the emergency, don't drop the ball. >> the republicans refuse to ask those with the most in our society to give a little bit more. >> reporter: a simple stop gap measure is not what many in washington had hoped for. republicans blame president obama for the collapse of a bigger deal that would have cut spending and reduced the country's debt. >> it is the president's responsibility to lay out a plan and to bring people together but it's a total dereliction of duty and a lack of courage to deal with the issue
any last-minute deal will likely have to wait until the senate returns. >> reporter: president obama summoned congressional leaders to the white house today hoping for a deal to avoid the fiscal cliff. the power brokers have four days before the government starts slashing military and domestic spending. president obama is pushing for a stop gap measure that with avoid faxes on people earning less than $25,000. on capitol hill frustration is growing. both republicans and democrats sound...
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this looked like president obama coming back with the same deal at 250. they are miles apart. >> kimberly: you were able to speak to people on the hill. what was your reaction? >> andrea: the president spread the stories that he will come to the table with a deal. swan dive off the fiscal cliff, hold your nose. we're going off. president obama wants to us go off hecht will come back with a largeer plan. the obama tax cut. then he will be able to reintate across-the-board sequestration cuts. 8.2% across the board. cut defense and health. they will be able to reintate a lot of programs and give his caucus the opportunity to say look, i am voting for something. i am voting to restore tax cuts for the middle class. voting to restore great thin things. republicans are in a tough position. no one will say vote to restore the tax cut for rich. this is his game plan from day one. >> eric: what is the a terptive? $250,000 and above? we see obama not oftenning cuts at all. looking for spending. >> kimberly: managing the message very well. conciliatory. >> andrea: b
this looked like president obama coming back with the same deal at 250. they are miles apart. >> kimberly: you were able to speak to people on the hill. what was your reaction? >> andrea: the president spread the stories that he will come to the table with a deal. swan dive off the fiscal cliff, hold your nose. we're going off. president obama wants to us go off hecht will come back with a largeer plan. the obama tax cut. then he will be able to reintate across-the-board...
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. >>> negotiations are underway to reach a deal. president obama and congressional leaders just wrapped up a meeting at the white house. we stand right now at three days and counting until that new year's deadline when taxes would go up for all u.s. taxpayers and steep spending cuts would kick in across the board. nicole collins has the latest. >> reporter: john boehner back in washington immediately heading to the white house, which brought the president and congressional leaders together the first time since november, but it's unclear if it brought the country closer to avoiding the fiscal cliff. >> when the president calls congressional leaders to the white house, it's all political theatre or they have a deal. not that it's all political theatre. >> this is not for show but a last-ditch effort by the president to bring congressional leader together to try to get a small package at least, a small deal together before the new year. >> reporter: the president called the meeting as lawmakers pointed fingers in this high- stakes game
. >>> negotiations are underway to reach a deal. president obama and congressional leaders just wrapped up a meeting at the white house. we stand right now at three days and counting until that new year's deadline when taxes would go up for all u.s. taxpayers and steep spending cuts would kick in across the board. nicole collins has the latest. >> reporter: john boehner back in washington immediately heading to the white house, which brought the president and congressional...
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. >>> a final meeting between president obama and congressional leaders to hammer out a last-minute deal towards the so called -- to avoid the so-called fiscal cliff has finished. john boehner was at the white house today trying to reach an agreement to avoid hundreds of billions of dollars of tax increases and spending cuts. no statement is expected anytime soon. we go live now to washington to war correspondent, ben. >> all of the participants at this meeting left without a word. i don't think we will hear from them the rest of the day. there is a great deal at stake and very little time left. it has been reported that president obama presented a plan to increase taxes on income over a quarter million dollars per year, as part of the deficit reduction plan to deal with american debt. he would probably say to the congressional leaders that need to figure out a way to get it through, but i think the expectations in washington of a deal are low with only three, four days left until the new year and the media tax hikes and spending cuts taking and -- kicking in. >> that means perhaps headi
. >>> a final meeting between president obama and congressional leaders to hammer out a last-minute deal towards the so called -- to avoid the so-called fiscal cliff has finished. john boehner was at the white house today trying to reach an agreement to avoid hundreds of billions of dollars of tax increases and spending cuts. no statement is expected anytime soon. we go live now to washington to war correspondent, ben. >> all of the participants at this meeting left without a...
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they could have taken a deal, could have take an deal in the summer of 2011 which would have been more favorable to them. they didn't do either. >> if obama is coming out and from what we're hearing he's not making a real offer. he's coming out with $250,000 staying with what he had before christmas. he's playing hardball. if he came out and was talking about a $40,000 tlshg hold, we could say these parties may be close to promise but i don't see that right now. >> we're getting breaking news that the president will make a statement at 5:45 in the briefing room so we'll stay tuned for that. robert, help me out here. how can boehner stay as speaker when it seems like his knees get cut out from him every day? >> is there some dissension within the house republican ranks, richard? sure. to really challenge boehner, you have to have a challenger and there are a lot of people in the house republican conference who are frustrated with the speaker, but they're not willing to run against him. you have big names like eric cantor and kevin mccarthy, number two and three, they're not even making
they could have taken a deal, could have take an deal in the summer of 2011 which would have been more favorable to them. they didn't do either. >> if obama is coming out and from what we're hearing he's not making a real offer. he's coming out with $250,000 staying with what he had before christmas. he's playing hardball. if he came out and was talking about a $40,000 tlshg hold, we could say these parties may be close to promise but i don't see that right now. >> we're getting...
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president obama called congressional leaders to the white house. the hope was he could hash out the framework for a possible deal. danielle nottingham joins us with the latest. okay, did they get it done, danielle? >> reporter: derek, we're just not sure what happened. all four leaders left the white house without speaking to the media. we can only assume that means this wasn't a productive meeting. top congress impressional leaders left the white house after a last-ditch fiscal k cliff meeting with president obama. the closed door meeting was an attempt to avoid the automatic tax headaches and spending cuts set to king at the start of the new year. with just three days to go republicans and democrats are still blaming each other. >> i want to thank all of you for being here to call upon the republicans not to drop the ball on the middle class. >> reporter: there was a new year's eve style rally saying the fiscal cliff ball is in the republicans court. >> it's republicans who are holding hostage the middle class in america so that the wealthy don't
president obama called congressional leaders to the white house. the hope was he could hash out the framework for a possible deal. danielle nottingham joins us with the latest. okay, did they get it done, danielle? >> reporter: derek, we're just not sure what happened. all four leaders left the white house without speaking to the media. we can only assume that means this wasn't a productive meeting. top congress impressional leaders left the white house after a last-ditch fiscal k cliff...
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optimistic a deal can be reached to avoid the fiscal cliff. >>> doug is tracking the storm that could dump about 2 inches of snow this weekend. will your neighborhood get snow or rain? >>> a showdown. they're about to throw down at fedex field. we'll have the coverage. good evening. >> >>> our top story, the snowstorm that's expected to arrive overnight is going hey, look! a shooting star! make a wish! i wish we could lie here forever.
optimistic a deal can be reached to avoid the fiscal cliff. >>> doug is tracking the storm that could dump about 2 inches of snow this weekend. will your neighborhood get snow or rain? >>> a showdown. they're about to throw down at fedex field. we'll have the coverage. good evening. >> >>> our top story, the snowstorm that's expected to arrive overnight is going hey, look! a shooting star! make a wish! i wish we could lie here forever.
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. >> as we stand by for an update coming from the white house on the fiscal cliff from president obama in 20 minutes, we're getting word that senate leaders have offered last-minute bipartisan talks in an effort to reach a deal. we expected her an update on that about 20 minutes. >> the nation is remembering the life of an american hero, retired general norman schwarzkopf has died. he is best known as one of>> tonight scott thuman looks back at his life. >> in 1990, norman schwarzkopf was a little-known u.s. army general looking towards retirement. the west point graduate and decorated officer for his service in vietnam he spent his entire career in the army. when a rack's dictator saddam hussein invaded neighboring kuwait "stormin' norman" became a household name. as the leader of the u.s.-led international coalition that quickly drove iraqi forces out of kuwait, schwarzkopf achieved rock star status. he returned from the persian gulf in national hero and was awarded the medal of freedom. >> he was a leader, and motivator. he got a lot of things done. he was an extremely compassionate
. >> as we stand by for an update coming from the white house on the fiscal cliff from president obama in 20 minutes, we're getting word that senate leaders have offered last-minute bipartisan talks in an effort to reach a deal. we expected her an update on that about 20 minutes. >> the nation is remembering the life of an american hero, retired general norman schwarzkopf has died. he is best known as one of>> tonight scott thuman looks back at his life. >> in 1990,...
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three more days and then tax hikes on everyone, automatic spending cuts, and no deal reported. the two parties are talking again at least. steve has the latest from capitol hill. >> sources are capitol hill say president obama in today's talks feels he has the advantage back and that he will press on his original demand that income taxes rise on earnings over $250,000. it's a positive sign, the first meeting since mid november the four congressional leaders at the white house. called by president obama, house speaker john boehner is a key figure. >> the fact that he has come back to me says that they cannot come up with some kind of agreement. -- that they can come up with an agreement. >> both sides want to avoid middle-class tax cuts. the hang up is the tax hikes on the rich. those making over $250,000 in the obama reposal or $400,000, a level that mitch mcconnell reportedly said he might be able to sel? republicans won the debate shifted. >> the talk about taxes, but what it should be about is what we want to talk about today -- the medicare fiscal cliff. >> no date to cut a
three more days and then tax hikes on everyone, automatic spending cuts, and no deal reported. the two parties are talking again at least. steve has the latest from capitol hill. >> sources are capitol hill say president obama in today's talks feels he has the advantage back and that he will press on his original demand that income taxes rise on earnings over $250,000. it's a positive sign, the first meeting since mid november the four congressional leaders at the white house. called by...
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president obama and congressional leaders try to pull off a fiscal cliff hail mary. their last-ditch meeting at the white house desperately tries to land a deal but the report he hadly not putting any new offer on the table. we have the very latest for you. >>> not even the fiscal cliff can slow down the u.s. oil boom the production surge sets up huge windfalls for businesses outside the oil industry in 2013. who stand to reap the biggest gains? we'll drill down details so you can get in on this game. >>> iran launches war games in the strait of hormuz flexing its military muscle in the heart of the critical seaway for global oil supplies. is iran just sabre-rattling or gearing up for something much bigger? even when they say it's not, it is always about money. adam: and a good evening to you. melissa francis will be back after the first of the year but right now let's look at today's market headlines of the investors were largely gripped by unfolding events in washington regarding the fiscal cliff. there was little optimism on wall street. stocks fell for their fift
president obama and congressional leaders try to pull off a fiscal cliff hail mary. their last-ditch meeting at the white house desperately tries to land a deal but the report he hadly not putting any new offer on the table. we have the very latest for you. >>> not even the fiscal cliff can slow down the u.s. oil boom the production surge sets up huge windfalls for businesses outside the oil industry in 2013. who stand to reap the biggest gains? we'll drill down details so you can get...
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obama leaves office. this is the time to deal with this issue. we've been kicking it down the road ten years. we promised the nation in 2011 under the budget deal with the sequesters we would not let this get away from us. we shouldn't this time. for mr. obama to suggest i've cut a trillion in spending because he saved money on the wars in afghanistan is gimmicks. they a work. >> i have to be honest, it's both sides. it strikes me these lawmakers on either side don't have a real fix to what we're looking at, the national debt, screaming out of control. we're going to exceed that limit on monday night. >> i wouldn't disagree but look at the facts. we did have a republican controlled congress that passed a bill. if reid didn't like the bill, let it go for debate. let his senate vote it down and say no, we're not going to accept these conditions. >> let me ask you this, then. interesting question. president obama gets his own deal, sends it over to the republicans, they have the same dilemma. >> well, they may. but i think you would at least see a f
obama leaves office. this is the time to deal with this issue. we've been kicking it down the road ten years. we promised the nation in 2011 under the budget deal with the sequesters we would not let this get away from us. we shouldn't this time. for mr. obama to suggest i've cut a trillion in spending because he saved money on the wars in afghanistan is gimmicks. they a work. >> i have to be honest, it's both sides. it strikes me these lawmakers on either side don't have a real fix to...
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so obama -- as the one guy in this town that wants a deal more than anyone. on the other hand, he's probably the guy that purely political benefits the most after january 3rd satisfy in a stronger negotiating position. he'll also have, remember, a few more democrats in the house and in the senate. so the white house will be strengthened after this happens. but a lot of people in the white house and treasury department don't want that to happen because they think the markets may freak out. already the markets are reacting to the news within the last hour. yesterday the markets dipped a little bit on reid's comments in the senate. so they are worried about the economy. i think purely politically, obama will be strengthened once we go over. >> ryan lizza, thank very much. it's going to be an interesting couple of days. >> yeah, it sure is. >> thanks, ryan. >>> weapons of war on the streets of los angeles. details of a shocking find in a gun buyback program. [ sniffs ] i have a cold. [ sniffs ] i took dayquil but my nose is still runny. [ male announcer ] truth i
so obama -- as the one guy in this town that wants a deal more than anyone. on the other hand, he's probably the guy that purely political benefits the most after january 3rd satisfy in a stronger negotiating position. he'll also have, remember, a few more democrats in the house and in the senate. so the white house will be strengthened after this happens. but a lot of people in the white house and treasury department don't want that to happen because they think the markets may freak out....
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on obama care. there's no way these guys are going to come to a deal, and the reason is this. the president has got the upper hand, and his most important partner is the weakest person in this, which is john boehner. john boehner is on the verge of losing credibility with his caucus. he can't take a deal to his caucus that will pass without the help of nancy pelosi, which will pull the entire deal to the left. so what they have to do is they have to go over the cliff. we're just talking about politics, we're not talking about finances here. they have to go over the cliff. that strengthens boehner's hands because now everybody is paying a hell of a lot more taxes and people are blaming the republicans, and now boehner can go to the caucus and maybe get 200 and a few votes and then with nancy pelosi pick off a few democrats and make some kind of deal. having said that, the best thing for the country is never to come to a deal because ed rendell is right. as a former governor, we don't operate with big
on obama care. there's no way these guys are going to come to a deal, and the reason is this. the president has got the upper hand, and his most important partner is the weakest person in this, which is john boehner. john boehner is on the verge of losing credibility with his caucus. he can't take a deal to his caucus that will pass without the help of nancy pelosi, which will pull the entire deal to the left. so what they have to do is they have to go over the cliff. we're just talking about...
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so far no deal? >> i'm checking. so far the meeting continues, which could be a bad sign, can it? sources here on the hill say in today's meeting president obama planned to be kind of tough, figuring that he has gotten the advantage back to the extent anybody has the advantage this close to the cliff and that he'll push hi original demand, the tack rates rise on income over a quarter million dollars. it's a positive sign, the first meeting since mid-november of the four congressional leaders, democrats and republicans at the white house. called by president obama, house speaker jane boehner, the key figure. >> the fact that he's come back and the four of them are at the table means to me we could come up with some kind of agreement. >> reporter: both sides want a deal to avoid tax hikes that could cost middle-class families $2400. if that rate lasts all of next year. the hangup is still tax hikes on the rich. rich of the rich to tax more, those making over $250,000, the obama proposal, or $400,000, a level senate republican leader mitch mcconnell reportedly said he might be able t
so far no deal? >> i'm checking. so far the meeting continues, which could be a bad sign, can it? sources here on the hill say in today's meeting president obama planned to be kind of tough, figuring that he has gotten the advantage back to the extent anybody has the advantage this close to the cliff and that he'll push hi original demand, the tack rates rise on income over a quarter million dollars. it's a positive sign, the first meeting since mid-november of the four congressional...
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president obama meeting with the leaders at the white house. misreporting going on that the president had a new deal, looked like progress was made. no. the president had the same deal that republicans walked away from about a week ago, if you call it a deal, the deal is that he won't tax people higher above the 400,000 mark. shibani: the meeting still going on, rich edson live at the white house with the latest details. what do we know now, rich? >> what we got from an administration official, that president obama offered what he detailed in the speech a week ago keeping tax rates where they are for families earning less than $250,000 a year, extending long term unemployment insurance policy, and that bit of detail he gave a week ago in a speech is basically derived from the larger deficit proposal offered over, really, the last couple years as president of the united states. we're waiting whether or not in the meeting, lasting an hour at the white house, started at 3:10, is whether or not they made progress towards changing that proposal in a
president obama meeting with the leaders at the white house. misreporting going on that the president had a new deal, looked like progress was made. no. the president had the same deal that republicans walked away from about a week ago, if you call it a deal, the deal is that he won't tax people higher above the 400,000 mark. shibani: the meeting still going on, rich edson live at the white house with the latest details. what do we know now, rich? >> what we got from an administration...
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right now to do a deal? >> reporter: that is the suspicion that's shared by a lot of republicans taking it, steve, as almost an article of faith of three weeks, a month, that the president actually wants to go over the cliff and i'm not sure if that's true. i have no way of knowing if that's true. i kind of doubt it. if you look at it, the republicans lose a lot of leverage. they have painted themselves in to this corner. there's no denying that fact. john boehner obviously we know what happened last week. sifting through the wreckage of the plan "b." gone back to plan "a," a bill passed by the congress and extending tax cuts for everyone and sent to the senate. they don't expect the senate to take that. use that as a legislative vehicle and what's today? saturday. new year's eve is -- sorry. today's friday. too much holiday cheer. but come on. i mean -- >> he will be working the weekend. >> reporter: i am. oh my god. i don't want to get started on that. but anyway, you know, there's a lot at stake here. and
right now to do a deal? >> reporter: that is the suspicion that's shared by a lot of republicans taking it, steve, as almost an article of faith of three weeks, a month, that the president actually wants to go over the cliff and i'm not sure if that's true. i have no way of knowing if that's true. i kind of doubt it. if you look at it, the republicans lose a lot of leverage. they have painted themselves in to this corner. there's no denying that fact. john boehner obviously we know what...
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if they cannot reach a deal, taxes go up on all of us. analyst warning the cutts could be devastates. the impact on all 1k, the dow down 94 points, the fourth or fifth straight day in a row the dow is down. down over 300 points over the past five days. let's get to mike emanuel on capitol hill. how much stock are lawmakers putting in the white house meeting? >> depends who you ask. some republicans expressed concern it may be for show, essentially going to the white house, having a big meeting that everybody's talking about for the appearances that they're doing something. other suggest it's critical because time is running out. >> the window may be ajar but it's not wide open. and unless it closes -- or opens entirely today and there's a deal, it's more likely to close than stay open. in other words, if we don't have a deal in the next 24 hours, the question is where do you buy a parachute. it looks like we'll be going over the cliff. the closer we get to the end, the less likely it is you're going to be able to compress an agreement int
if they cannot reach a deal, taxes go up on all of us. analyst warning the cutts could be devastates. the impact on all 1k, the dow down 94 points, the fourth or fifth straight day in a row the dow is down. down over 300 points over the past five days. let's get to mike emanuel on capitol hill. how much stock are lawmakers putting in the white house meeting? >> depends who you ask. some republicans expressed concern it may be for show, essentially going to the white house, having a big...
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, rich, there's talk of a scaled down deal put forth by the president. what have you heard? >> it that is the discussion. you have harry reid, mitch mcconnell arriving at the white house, should have house leadership shortly to begin a meeting, a last ditch effort to try to help the economy avoid the fiscal cliff, or at least pieces of it, and, yes, the buzz around washington is a possible path forward that aids describe as preventing tax increase for income amounts of $400,000 or $500,000 or so, extend unemployment insurance, but, still, nothing has been agreed to. all in washington are waiting to see how this meeting goes. it's just about to start here in dc. meanwhile, on capital hill, the fighting continues, and in some corners, a sense of pessimism. >> if we don't have a deal within the next 24 hours, the question is where do you buy a parachute? we'll be going over the cliff because the closer we get to the end, the less likely it is you can compress an agreement into place that will have enough votes to pass. >> this is basically it. the first tim
, rich, there's talk of a scaled down deal put forth by the president. what have you heard? >> it that is the discussion. you have harry reid, mitch mcconnell arriving at the white house, should have house leadership shortly to begin a meeting, a last ditch effort to try to help the economy avoid the fiscal cliff, or at least pieces of it, and, yes, the buzz around washington is a possible path forward that aids describe as preventing tax increase for income amounts of $400,000 or...
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and congressional leaders are closer to a deal. katie marzullo is live in the newsroom with a look at what missing the deadline could mean. >> reporter: the deadline is monday. just the prospect of missing it is causing problems for the economy. president obama has invited senate and house leaders to the white house this afternoon for last ditch negotiation. the house is holding an unusual session sunday. technical little, there's still time to strike a deal, but what if they don't? comedies 31st, more than 500 billion dollars in -- in tax increases and more than 100 billion dollars in government spending cuts are set to take effect. what happens january 1st, is less than certain. if congress and the president miss the deadline investors could panic sending the shakey stock market into a downward spiral. businesses and consumers could lose confidence and cutback on spending. a recession would not be immediate as long as all parties are working on a deal taxes and cuts could be kept at bay for a few weeks and repealed retroactively.
and congressional leaders are closer to a deal. katie marzullo is live in the newsroom with a look at what missing the deadline could mean. >> reporter: the deadline is monday. just the prospect of missing it is causing problems for the economy. president obama has invited senate and house leaders to the white house this afternoon for last ditch negotiation. the house is holding an unusual session sunday. technical little, there's still time to strike a deal, but what if they don't?...
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and congressional leaders are closer to a deal. katie marzullo is live in the newsroom with a look at what missing the deadline could mean. >> reporter: the deadline is monday. just the prospect of missing it is causing problems for the economy. president obama has invited senate and house leaders to the white house this afternoon for last ditch negotiation. the house is holding an unusual session sunday. technical little, there's still time to strike a deal, but what if they don't? comedies 31st, more than 500 billion dollars in -- in tax increases and more than 100 billion dollars in government spending cuts are set to take effect. what happens january 1st, is less than certain. if congress and the president miss the deadline investors could panic sending the shakey stock market into a downward spiral. businesses and consumers could lose confidence and cutback on spending. a recession would not be immediate as long as all parties are working on a deal taxes and cuts could be kept at bay for a few weeks and repealed retroactively.
and congressional leaders are closer to a deal. katie marzullo is live in the newsroom with a look at what missing the deadline could mean. >> reporter: the deadline is monday. just the prospect of missing it is causing problems for the economy. president obama has invited senate and house leaders to the white house this afternoon for last ditch negotiation. the house is holding an unusual session sunday. technical little, there's still time to strike a deal, but what if they don't?...
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leaders a smaller deal to avert the so-called fiscal cliff behind closed doors at the white house. i want to bring in white house correspondent kristen welker. >> reporter: i'm told pelosi and boehner left to come to the white house. in terms of the smaller deal, we have heard it would include a provision to extend the bush 'ra tax cuts for those making $250,000 or less and let them expire for those more than $250,000 and something that president obama has been calling for for a long time. it would also extend unemployment insurance benefits and stave off some of those deep spending cut that is are set to go in to effect and essentially mirrors what president obama outlined when he addressed the nation before leaving for the what ryan holiday. white house officials being very tight lipped of what specifically the president is going to do and will not confirm to put this smaller deal on the table so i think we're going to have to wait until the meeting wraps up for the specifics but speaking to republican aides with the house who say that this still rests with the senate, that repub
leaders a smaller deal to avert the so-called fiscal cliff behind closed doors at the white house. i want to bring in white house correspondent kristen welker. >> reporter: i'm told pelosi and boehner left to come to the white house. in terms of the smaller deal, we have heard it would include a provision to extend the bush 'ra tax cuts for those making $250,000 or less and let them expire for those more than $250,000 and something that president obama has been calling for for a long...
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look, barack obama, as best has he can try to square this circle and make it right is dealing with a party that is basically, degenerating him to obama hatred. that is not me, back in 2008 he said and i quote, the republican is less and less like a traditional party. it is more like an cult than anything barack obama he does is the end of the world. >> what do you think is going to happen in the next two days? do you think they will reach an agreement? >> i'm not sure. i hope they do. obama ran on we're not raising taxes. now, income is a weird thing. i mean, look, i can make $250,000 in income as a working person and my taxes will go up. but if i was mitt romney the ex-presidential loser who made $15 million based on -- what is it tax deferred investments then my taxes won't go up a bit. the republican party is not interested in helping this country they are helping a narrow sliver. >> we're going to leave it there. we're going to keep continuing coverage bringing you updates from the white house or the floor of the capitol. we heard from president obama earlier from the white house
look, barack obama, as best has he can try to square this circle and make it right is dealing with a party that is basically, degenerating him to obama hatred. that is not me, back in 2008 he said and i quote, the republican is less and less like a traditional party. it is more like an cult than anything barack obama he does is the end of the world. >> what do you think is going to happen in the next two days? do you think they will reach an agreement? >> i'm not sure. i hope they...
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perhaps a scaled down deal from president obama? >> yeah. i believe we need a big deal, but the more likely possibility, at this point, is it's really focused on a tax deal where they come up with some number between what speaker boehner and president obama talked about, that they address things like alternative minimum tax, and put together a deal that we either try to pass before the end of the year or get agreement to come back right after the first of the year and pass it through both houses. adam: the numbers were something like the president at one point was willing to raise his baht -- bottom line to 400,000. if that's the deal, can you guys, can the men and women in our political leadership pass something before midnight, december 31? >> well, i think so. i mean, and you're going exactly the right direction. if you take what's been put on the table, you got the senate bill, you got the house bill, and you got what president obama and speaker boehner talked about, somewhere in the middle, i think, is a deal we could pass before year e
perhaps a scaled down deal from president obama? >> yeah. i believe we need a big deal, but the more likely possibility, at this point, is it's really focused on a tax deal where they come up with some number between what speaker boehner and president obama talked about, that they address things like alternative minimum tax, and put together a deal that we either try to pass before the end of the year or get agreement to come back right after the first of the year and pass it through both...
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we have to deal with the reality. it's about spending. it's about the debt and when the president's proposal, original proposal would produce, what, about $80 billion next year? that would just cover the incremental increase in interest costs on our debt. we're avoiding the truth. we're avoiding the reality and that's why a lot of us are very cranky about some of the let's do a patch work, let's push it off into the future because we're going to crash and burn under our own debt. >> if you're cranky, think about how the american public feels right now, congressman. they are very cranky that you folks have not been able to make any seeming head way, either on the spending side, which i agree with you is the truly important one that we have to address. >> exactly. >> or on the tax side. but nobody seems to have moved this ball very far forward unless i and everybody else is missing a heck of a lot. on the spending side, what precise specific spending cuts would you like to see and could you buy into, any spending cuts of the defense establi
we have to deal with the reality. it's about spending. it's about the debt and when the president's proposal, original proposal would produce, what, about $80 billion next year? that would just cover the incremental increase in interest costs on our debt. we're avoiding the truth. we're avoiding the reality and that's why a lot of us are very cranky about some of the let's do a patch work, let's push it off into the future because we're going to crash and burn under our own debt. >> if...
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big obama supporter. for all of you people wearing beats headphones that money is going through ireland now because of that problem. heather: okay. before we get off on dr. dre, let's talk a little bit what is going on now, 30 minutes from now, any moment, they're starting to arrive, we have boehner, pelosi, mcconnell, reid. they're on capitol hill. what can president obama offer that both sides can agree to. >> unfortunately for individual members of the republican house it is to their interest to let tax increases go into effect. that way they won't be viewed as having raised taxes. they can come in and easier to negotiate with them. what the president, what we are hearing about what the president is proposing though, is a small deal to get them through the fiscal cliff so that it avoids some of the implications, some of the more damaging implications for the economy. i don't think the fiscal cliff honestly is really going to have a huge impact. our housing market and labor market remained firm and i th
big obama supporter. for all of you people wearing beats headphones that money is going through ireland now because of that problem. heather: okay. before we get off on dr. dre, let's talk a little bit what is going on now, 30 minutes from now, any moment, they're starting to arrive, we have boehner, pelosi, mcconnell, reid. they're on capitol hill. what can president obama offer that both sides can agree to. >> unfortunately for individual members of the republican house it is to their...
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is sliding ever closer to what has become known as the fiscal cliff with barack obama hosting another last minute imagines a meeting later today for weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax hikes and spending cuts automatically take effect on january first activist and john it is dumb to boss as it's not the deadlock that bothers him but what has already been every. the real problem in my eyes is not the fact that they can't reach an agreement but rather that they have reached an agreement on many fundamental things the grievance they have reached is that neither of them are going to advocate put more money in the hands of working people they have no problem whatsoever removing a trillion dollars or two trillion dollars from the economy and delivering it to the bankers they did that inside of twenty days back in two thousand and eight and again in two thousand and nine was very little discussion. everyone agrees on both sides of the aisle that sums sort of reduction in benefits f
is sliding ever closer to what has become known as the fiscal cliff with barack obama hosting another last minute imagines a meeting later today for weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax hikes and spending cuts automatically take effect on january first activist and john it is dumb to boss as it's not the deadlock that bothers him but what has already been every. the real problem in my...
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barack obama is a bad word. they don't want any association with them. how much of that do you think is a real issue here and how do you strategize around that to sort of try to -- lift off this label of being intrasigient. >> from the gop side there are a lot of members in congress that say they do not want to support any kind of tax increase at this point. that prefer to go over the cliff and debate it in january. because they know it would harm them come midterm. but the -- fact of the matter is that -- every conservative in washington understands that we don't have a taxing problem. we have a spending problem. while this issue of viding the fiscal cliff getting past this is not going to be an easy issue to fix. but it is not complicated. we cannot continue to overspend more than we take in. so we immediate to address the spending. more than anything i think the republicans are look agent what's not in their personal best interests but what's in the best interest of the country. and the way we avoid further debt and deficit is to cut spending. >> will
barack obama is a bad word. they don't want any association with them. how much of that do you think is a real issue here and how do you strategize around that to sort of try to -- lift off this label of being intrasigient. >> from the gop side there are a lot of members in congress that say they do not want to support any kind of tax increase at this point. that prefer to go over the cliff and debate it in january. because they know it would harm them come midterm. but the -- fact of the...
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. >> at today's meeting, president obama will push for a stop gap measure, a small deal that will at least prevent tax increases for those earning $250,000 or less. but even that seems unlikely. >> the american people have a right to be very upset with this congress. >> publicly, both sides have ratcheted up rhetoric, pointing the finger. >> john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> the only reason why democrats have been trying to defect -- deflect attention over the past few weeks is they did not have a plan of their own. >> the path for the rest in the hands of the senate. house republican leaders say they will take action on whatever bill can pass the chamber. if there is a breakthrough, the legislation will not pass until the 11th hour or because house members to not return here until sunday night. abc news washington. >> new word on a potential dockworkers' strike that could cripple the nation's economy. the mediator now says contract with the longshoremen on the east and gulf coast have been extended for
. >> at today's meeting, president obama will push for a stop gap measure, a small deal that will at least prevent tax increases for those earning $250,000 or less. but even that seems unlikely. >> the american people have a right to be very upset with this congress. >> publicly, both sides have ratcheted up rhetoric, pointing the finger. >> john boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> the only...
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we will remember general schwartzkopf of up next. >>> deal or no deal? down to the wire as president obama and congressional leaders meet at the white house
we will remember general schwartzkopf of up next. >>> deal or no deal? down to the wire as president obama and congressional leaders meet at the white house
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crisis. >> i hope there is a deal that avoid the worst parts of the fiscal cliff, mainly taxes going up and middle-class people. i think the odds are better than they could be that people think. >> the agreement would include not only an extension of middle- class tax cuts but would also extend unemployment benefits for millions. >> tax increases need to be avoided, they can be. in the end, we will get a deal. the question is the timing. it is encouraging that both sides continue to sit down and have lines of communication open. >> but a smaller deal will only leave a problem for the incoming congress in january. that is discouraging to america's ceo's. >> we still have the big problem of how we are going to fix our deficit and debt in the country. we know the parties have to work together, and we know we have to resolve this as quickly as possible. >> wall street is keeping a close eye on talks in washington. analysts are worried that any delay could rattle already fragile markets. >> two weeks after the tragedy at sandy hook elementary, the topic of gun-control has heated up at the
crisis. >> i hope there is a deal that avoid the worst parts of the fiscal cliff, mainly taxes going up and middle-class people. i think the odds are better than they could be that people think. >> the agreement would include not only an extension of middle- class tax cuts but would also extend unemployment benefits for millions. >> tax increases need to be avoided, they can be. in the end, we will get a deal. the question is the timing. it is encouraging that both sides...
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Dec 28, 2012
12/12
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senate majority leader harry reid says the likelihood of reaching a deal is a long shot. but senator charles schumer told the "today" show that the odds are better than people think. if a deal were to pass, senate house speaker john boehner would have to agree to take it to the floor of the republican controlled house. danielle nottingham has more. >> reporter: president obama is meeting today at the white house with top congressional democrats harry reid and nancy pelosi and leading republicans mitch mcconnell and john boehner. it's the president's first meeting with congressional leaders since november 16th. the closed door discussions are an attempt to reach a last- minute agreement to avoid automatic spending cuts and tax increases due to kick in on january 1st. >> probably the worst case scenario will come out of this maybe today and -- meeting today and that is we will kick the can down the road. >> reporter: senator bob corker told "cbs this morning" he predicts the meeting will bring only a temporary solution. >> this afternoon's meeting feels much to me like opti
senate majority leader harry reid says the likelihood of reaching a deal is a long shot. but senator charles schumer told the "today" show that the odds are better than people think. if a deal were to pass, senate house speaker john boehner would have to agree to take it to the floor of the republican controlled house. danielle nottingham has more. >> reporter: president obama is meeting today at the white house with top congressional democrats harry reid and nancy pelosi and...
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Dec 28, 2012
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president obama and congressional leaders with trying to come up with this last-minute deal to avoid the so-called fiscal cliff, the massive tax increases and spending cuts to take place in four days. the president and vice president will be meeting with house speaker john boehner, minority leader nancy pelosi, senate majority leader harry reid, and minority leader mitch mcconnell. and watching all this, jessica yellin live at the white house. jess, what do we think is going to happen here? >> reporter: well, based on the expectations around town, the thought is the president and democrats will lay out an alternative, scaled-down proposal. and there will be discussions about what could be in the details of a proposal they could vote on, in theory, this weekend. the ideal outcome would be all the members agree to the terms of that deal. and then the two senators in the room agree that they can get their parties to bring it to a vote with no one filibustering it. and then on the house side, speaker boehner would agree that he will put it on the house floor for a vote on monday. and the
president obama and congressional leaders with trying to come up with this last-minute deal to avoid the so-called fiscal cliff, the massive tax increases and spending cuts to take place in four days. the president and vice president will be meeting with house speaker john boehner, minority leader nancy pelosi, senate majority leader harry reid, and minority leader mitch mcconnell. and watching all this, jessica yellin live at the white house. jess, what do we think is going to happen here?...
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Dec 28, 2012
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>> republicans anticipating or expecting president obama and democrats to offer a fiscal cliff deal, perhaps a scaled back proposal, but, still, no indication that's going to happen this afternoon. the senate is in session. the house returns sunday. they will take a vote sunday night on another piece of legislation. the senate has been working on other legislation, not related to the fiscal cliff, and that has some folks in washington speculating this afternoon's meeting in the white house is nothing but show. the one senior democrat says it is a serious effort. >> well, this is not for show, but a last ditch effort by the president to bring the congressional leaders together to try to get at least a small package, small deal together before the new year to avoid some of the tax parts of the fiscal cliff and the deal with some of the unemployment issues. >> now, that deal, the small deal that the congressman is talking about, speculation perhaps that includes a tax rate tax increase for families earning $500,000 a year, mid way point almost between what democrats and republicans had
>> republicans anticipating or expecting president obama and democrats to offer a fiscal cliff deal, perhaps a scaled back proposal, but, still, no indication that's going to happen this afternoon. the senate is in session. the house returns sunday. they will take a vote sunday night on another piece of legislation. the senate has been working on other legislation, not related to the fiscal cliff, and that has some folks in washington speculating this afternoon's meeting in the white...
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Dec 28, 2012
12/12
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president obama will meet with congressional leaders this afternoon with just four days left to reach an agreement. with time running out it appears a deal would likely include a extension of tax cuts for the middle class and a cancellation of scheduled spending cuts. an aide to senate majority leader mitch mcconnell said the republican senator is eager to hear from the president. >>> new year's is still a few days away but some lawmakers are telling republicans, not to drop the ball on the looming fiscal cliff. news4 tony is live on capitol hill where a maryland lawmaker joined the effort. tony, what's the word over there? >> reporter: we've been hearing about this closed-door session president obama is having with congressional lawmakers. but here on capitol hill, they're having a rally today and you can see behind me some folks with starting to gather and this will take place as 11:30. both sides coming together to call for some kind of agreement to have before these possible tax hikes take place. that being said, i want to bring in mr. bob packer. you're a small business owner in
president obama will meet with congressional leaders this afternoon with just four days left to reach an agreement. with time running out it appears a deal would likely include a extension of tax cuts for the middle class and a cancellation of scheduled spending cuts. an aide to senate majority leader mitch mcconnell said the republican senator is eager to hear from the president. >>> new year's is still a few days away but some lawmakers are telling republicans, not to drop the ball...
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Dec 28, 2012
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president obama and vice president biden are sitting down with house leaders. the guest list includes harry reid, who this time yesterday said he didn't see any way the fiscal cliff could be avoided. whatever the case, our chief white house correspondent jessica yellin will be watching. what can we really expect to come out of this meeting this afternoon? >> well, alina, we're not sure what really will come out of it. the ideal scenario would be if all sides agree to a scaled-down version of the fiscal cliff agreement that the president and spe speaker boehner had been discussing weeks ago and then senator mcconnell would agree that no republicans would block it in any way if he can promise that. he argues that he can't really make that promise but if e he could then speaker boehner would promise to bring it to a vote on the floor. all sides would shake hands and we'd have a deal before new year's. that seems highly unlikely. but that's what all sides are pushing for today. >> i think we can all agree that tax rates are the biggest sticking point. so what speci
president obama and vice president biden are sitting down with house leaders. the guest list includes harry reid, who this time yesterday said he didn't see any way the fiscal cliff could be avoided. whatever the case, our chief white house correspondent jessica yellin will be watching. what can we really expect to come out of this meeting this afternoon? >> well, alina, we're not sure what really will come out of it. the ideal scenario would be if all sides agree to a scaled-down version...